Financials

Nissin Foods Holdings: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥788bnYoY +1.5%

FYE Mar 2026 · Operating profit¥62bnYoY −16.2%

FYE Mar 2026 · Net profit¥45bnYoY −17.5%

FYE Mar 2026 · Equity ratio48.4%YoY −3.4pp

FYE Mar 2026 · Group employees17,988YoY +476

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥496bn	n/a	¥29bn	n/a	5.8%	¥24bn	Ando Koki	Relationship Agreement concluded with Premier Foods plc
FYE Mar 2018Consolidated	¥441bn	−11.1%	¥35bn	+22.9%	8.0%	¥29bn	Ando Koki	Nissin Foods Company Limited lists on the Hong Kong Main Board
FYE Mar 2019Consolidated	¥451bn	+2.3%	¥29bn	−17.6%	6.4%	¥12bn	Ando Koki	New instant-noodle plant at Ritto, the first in 22 years
FYE Mar 2020Consolidated	¥469bn	+4.0%	¥41bn	+42.4%	8.8%	¥29bn	Ando Koki	—
FYE Mar 2021Consolidated	¥506bn	+7.9%	¥56bn	+34.6%	11.0%	¥41bn	Ando Koki	—
FYE Mar 2022Consolidated	¥570bn	+12.6%	¥47bn	−16.1%	8.2%	¥35bn	Ando Koki	—
FYE Mar 2023Consolidated	¥669bn	+17.5%	¥56bn	+19.4%	8.3%	¥45bn	Ando Koki	—
FYE Mar 2024Consolidated	¥733bn	+9.5%	¥73bn	+31.9%	10.0%	¥54bn	Ando Koki	The conversational AI tool NISSIN-GPT is put to work
FYE Mar 2025Consolidated	¥777bn	+6.0%	¥74bn	+1.4%	9.6%	¥55bn	Ando Koki	Fair Trade Commission warning over pressing price rises on retailers
FYE Mar 2026Consolidated	¥788bn	+1.5%	¥62bn	−16.2%	7.9%	¥45bn	Ando Koki	—

How it compares

Nissin Foods Holdings¥788bnFY2025Operating margin 7.9%

Toyo Suisan (Maruchan)¥537bnFY2025Operating margin 16.0%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥788bn

CAGR · 10 yrs +5.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	496	n/a	Cons. · Japanese GAAP
FYE Mar 2018	441	−11.1%	Cons. · Japanese GAAP
FYE Mar 2019	451	moved to IFRS	Cons. · IFRS
FYE Mar 2020	469	+4.0%	Cons. · IFRS
FYE Mar 2021	506	+7.9%	Cons. · IFRS
FYE Mar 2022	570	+12.6%	Cons. · IFRS
FYE Mar 2023	669	+17.5%	Cons. · IFRS
FYE Mar 2024	733	+9.5%	Cons. · IFRS
FYE Mar 2025	777	+6.0%	Cons. · IFRS
FYE Mar 2026	788	+1.5%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥519bn

CAGR · 10 yrs +7.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	270	n/a	Cons. · Japanese GAAP
FYE Mar 2018	283	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	296	moved to IFRS	Cons. · IFRS
FYE Mar 2020	302	+2.0%	Cons. · IFRS
FYE Mar 2021	324	+7.5%	Cons. · IFRS
FYE Mar 2022	375	+15.7%	Cons. · IFRS
FYE Mar 2023	448	+19.4%	Cons. · IFRS
FYE Mar 2024	474	+5.8%	Cons. · IFRS
FYE Mar 2025	504	+6.2%	Cons. · IFRS
FYE Mar 2026	519	+3.1%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥269bn

CAGR · 10 yrs +2.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	225	n/a	Cons. · Japanese GAAP
FYE Mar 2018	158	−29.9%	Cons. · Japanese GAAP
FYE Mar 2019	155	moved to IFRS	Cons. · IFRS
FYE Mar 2020	167	+7.8%	Cons. · IFRS
FYE Mar 2021	182	+8.7%	Cons. · IFRS
FYE Mar 2022	195	+7.0%	Cons. · IFRS
FYE Mar 2023	221	+13.7%	Cons. · IFRS
FYE Mar 2024	259	+17.0%	Cons. · IFRS
FYE Mar 2025	273	+5.5%	Cons. · IFRS
FYE Mar 2026	269	−1.4%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥218bn

CAGR · 10 yrs +1.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	197	n/a	Cons. · Japanese GAAP
FYE Mar 2018	124	−37.2%	Cons. · Japanese GAAP
FYE Mar 2019	126	moved to IFRS	Cons. · IFRS
FYE Mar 2020	129	+2.5%	Cons. · IFRS
FYE Mar 2021	137	+5.5%	Cons. · IFRS
FYE Mar 2022	152	+10.9%	Cons. · IFRS
FYE Mar 2023	174	+14.7%	Cons. · IFRS
FYE Mar 2024	197	+13.5%	Cons. · IFRS
FYE Mar 2025	209	+6.1%	Cons. · IFRS
FYE Mar 2026	218	+4.3%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥62bn

CAGR · 10 yrs +9.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	28.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.2	+22.9%	Cons. · Japanese GAAP
FYE Mar 2019	29.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	41.3	+42.4%	Cons. · IFRS
FYE Mar 2021	55.5	+34.6%	Cons. · IFRS
FYE Mar 2022	46.6	−16.1%	Cons. · IFRS
FYE Mar 2023	55.6	+19.4%	Cons. · IFRS
FYE Mar 2024	73.4	+31.9%	Cons. · IFRS
FYE Mar 2025	74.4	+1.4%	Cons. · IFRS
FYE Mar 2026	62.3	−16.2%	Cons. · IFRS

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Mar 2026 ¥5.3bn

CAGR · 10 yrs −1.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	−58.1%	Cons. · Japanese GAAP
FYE Mar 2019	2.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.5	+0.8%	Cons. · IFRS
FYE Mar 2021	1.9	−25.5%	Cons. · IFRS
FYE Mar 2022	3.1	+62.1%	Cons. · IFRS
FYE Mar 2023	3.3	+6.0%	Cons. · IFRS
FYE Mar 2024	4.1	+27.1%	Cons. · IFRS
FYE Mar 2025	4.2	+1.3%	Cons. · IFRS
FYE Mar 2026	5.3	+26.3%	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2026 ¥2.5bn

CAGR · 10 yrs +3.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−68.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.1	+251.8%	Cons. · IFRS
FYE Mar 2021	1.2	+4.0%	Cons. · IFRS
FYE Mar 2022	0.5	−57.8%	Cons. · IFRS
FYE Mar 2023	0.9	+87.5%	Cons. · IFRS
FYE Mar 2024	0.6	−38.1%	Cons. · IFRS
FYE Mar 2025	1.8	+201.4%	Cons. · IFRS
FYE Mar 2026	2.5	+44.4%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥45bn

CAGR · 10 yrs +7.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	23.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.1	+23.5%	Cons. · Japanese GAAP
FYE Mar 2019	11.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	29.3	+146.9%	Cons. · IFRS
FYE Mar 2021	40.8	+39.3%	Cons. · IFRS
FYE Mar 2022	35.4	−13.3%	Cons. · IFRS
FYE Mar 2023	44.8	+26.4%	Cons. · IFRS
FYE Mar 2024	54.2	+21.0%	Cons. · IFRS
FYE Mar 2025	55.0	+1.6%	Cons. · IFRS
FYE Mar 2026	45.4	−17.5%	Cons. · IFRS

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Mar 2026 34.1%

Average · 10 yrs 35.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	45.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.9	−9.6pp	Cons. · Japanese GAAP
FYE Mar 2019	34.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	35.7	+1.3pp	Cons. · IFRS
FYE Mar 2021	35.9	+0.2pp	Cons. · IFRS
FYE Mar 2022	34.1	−1.8pp	Cons. · IFRS
FYE Mar 2023	33.0	−1.1pp	Cons. · IFRS
FYE Mar 2024	35.3	+2.3pp	Cons. · IFRS
FYE Mar 2025	35.1	−0.1pp	Cons. · IFRS
FYE Mar 2026	34.1	−1.0pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 7.9%

Average · 10 yrs 8.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.8	+2.4pp	Cons. · IFRS
FYE Mar 2021	11.0	+2.2pp	Cons. · IFRS
FYE Mar 2022	8.2	−2.8pp	Cons. · IFRS
FYE Mar 2023	8.3	+0.1pp	Cons. · IFRS
FYE Mar 2024	10.0	+1.7pp	Cons. · IFRS
FYE Mar 2025	9.6	−0.4pp	Cons. · IFRS
FYE Mar 2026	7.9	−1.7pp	Cons. · IFRS

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 5.8%

Average · 10 yrs 6.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.6	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	2.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	6.3	+3.6pp	Cons. · IFRS
FYE Mar 2021	8.1	+1.8pp	Cons. · IFRS
FYE Mar 2022	6.2	−1.9pp	Cons. · IFRS
FYE Mar 2023	6.7	+0.5pp	Cons. · IFRS
FYE Mar 2024	7.4	+0.7pp	Cons. · IFRS
FYE Mar 2025	7.1	−0.3pp	Cons. · IFRS
FYE Mar 2026	5.8	−1.3pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 65.9%

Average · 10 yrs 64.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	54.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	64.1	+9.6pp	Cons. · Japanese GAAP
FYE Mar 2019	65.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	64.3	−1.3pp	Cons. · IFRS
FYE Mar 2021	64.1	−0.2pp	Cons. · IFRS
FYE Mar 2022	65.9	+1.8pp	Cons. · IFRS
FYE Mar 2023	67.0	+1.1pp	Cons. · IFRS
FYE Mar 2024	64.7	−2.3pp	Cons. · IFRS
FYE Mar 2025	64.9	+0.1pp	Cons. · IFRS
FYE Mar 2026	65.9	+1.0pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 27.7%

Average · 10 yrs 28.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	39.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.1	−11.7pp	Cons. · Japanese GAAP
FYE Mar 2019	28.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	27.6	−0.4pp	Cons. · IFRS
FYE Mar 2021	27.0	−0.6pp	Cons. · IFRS
FYE Mar 2022	26.6	−0.4pp	Cons. · IFRS
FYE Mar 2023	26.0	−0.6pp	Cons. · IFRS
FYE Mar 2024	26.9	+0.9pp	Cons. · IFRS
FYE Mar 2025	26.9	−0.0pp	Cons. · IFRS
FYE Mar 2026	27.7	+0.8pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥981bn

CAGR · 10 yrs +6.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	537	n/a	Cons. · Japanese GAAP
FYE Mar 2018	568	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	591	moved to IFRS	Cons. · IFRS
FYE Mar 2020	577	−2.4%	Cons. · IFRS
FYE Mar 2021	664	+15.1%	Cons. · IFRS
FYE Mar 2022	683	+3.0%	Cons. · IFRS
FYE Mar 2023	708	+3.7%	Cons. · IFRS
FYE Mar 2024	812	+14.7%	Cons. · IFRS
FYE Mar 2025	848	+4.4%	Cons. · IFRS
FYE Mar 2026	981	+15.6%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥475bn

CAGR · 10 yrs +3.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	343	n/a	Cons. · Japanese GAAP
FYE Mar 2018	368	+7.5%	Cons. · Japanese GAAP
FYE Mar 2019	362	moved to IFRS	Cons. · IFRS
FYE Mar 2020	302	−16.7%	Cons. · IFRS
FYE Mar 2021	347	+14.8%	Cons. · IFRS
FYE Mar 2022	371	+7.0%	Cons. · IFRS
FYE Mar 2023	393	+6.0%	Cons. · IFRS
FYE Mar 2024	451	+14.9%	Cons. · IFRS
FYE Mar 2025	439	−2.7%	Cons. · IFRS
FYE Mar 2026	475	+8.1%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥154bn

CAGR · 10 yrs +18.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	34.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.8	−39.3%	Cons. · Japanese GAAP
FYE Mar 2019	42.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	48.3	+13.8%	Cons. · IFRS
FYE Mar 2021	47.9	−0.7%	Cons. · IFRS
FYE Mar 2022	44.9	−6.3%	Cons. · IFRS
FYE Mar 2023	36.2	−19.4%	Cons. · IFRS
FYE Mar 2024	34.9	−3.8%	Cons. · IFRS
FYE Mar 2025	116	+231.6%	Cons. · IFRS
FYE Mar 2026	154	+32.9%	Cons. · IFRS

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Mar 2026 ¥51bn

CAGR · 10 yrs +11.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	18.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	−82.5%	Cons. · Japanese GAAP
FYE Mar 2019	29.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	6.6	−77.2%	Cons. · IFRS
FYE Mar 2021	9.6	+45.5%	Cons. · IFRS
FYE Mar 2022	13.2	+37.3%	Cons. · IFRS
FYE Mar 2023	12.9	−2.2%	Cons. · IFRS
FYE Mar 2024	12.9	−0.1%	Cons. · IFRS
FYE Mar 2025	38.0	+193.9%	Cons. · IFRS
FYE Mar 2026	50.8	+33.5%	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥103bn

CAGR · 10 yrs +23.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.1	−10.8%	Cons. · Japanese GAAP
FYE Mar 2019	13.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	41.6	+213.1%	Cons. · IFRS
FYE Mar 2021	38.3	−8.0%	Cons. · IFRS
FYE Mar 2022	31.7	−17.3%	Cons. · IFRS
FYE Mar 2023	23.3	−26.5%	Cons. · IFRS
FYE Mar 2024	21.9	−5.8%	Cons. · IFRS
FYE Mar 2025	77.5	+253.8%	Cons. · IFRS
FYE Mar 2026	103	+32.5%	Cons. · IFRS

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥10.0bn

CAGR · 10 yrs −15.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	44.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.3	−15.4%	Cons. · Japanese GAAP
FYE Mar 2019	4.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.4	−16.4%	Cons. · IFRS
FYE Mar 2021	7.2	+114.9%	Cons. · IFRS
FYE Mar 2022	6.9	−5.0%	Cons. · IFRS
FYE Mar 2023	6.3	−8.7%	Cons. · IFRS
FYE Mar 2024	6.4	+2.8%	Cons. · IFRS
FYE Mar 2025	8.4	+29.5%	Cons. · IFRS
FYE Mar 2026	10.0	+19.2%	Cons. · IFRS

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Mar 2026 ¥12bn

CAGR · 10 yrs −10.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	30.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	−98.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.4	−0.7%	Cons. · IFRS
FYE Mar 2021	5.2	+1098.4%	Cons. · IFRS
FYE Mar 2022	5.3	+1.8%	Cons. · IFRS
FYE Mar 2023	5.4	+0.9%	Cons. · IFRS
FYE Mar 2024	5.8	+7.1%	Cons. · IFRS
FYE Mar 2025	10.9	+89.1%	Cons. · IFRS
FYE Mar 2026	11.6	+6.4%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 48.4%

Average · 10 yrs 56.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	63.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	64.9	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	61.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	52.4	−9.0pp	Cons. · IFRS
FYE Mar 2021	52.2	−0.1pp	Cons. · IFRS
FYE Mar 2022	54.2	+2.0pp	Cons. · IFRS
FYE Mar 2023	55.5	+1.2pp	Cons. · IFRS
FYE Mar 2024	55.6	+0.1pp	Cons. · IFRS
FYE Mar 2025	51.8	−3.8pp	Cons. · IFRS
FYE Mar 2026	48.4	−3.4pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 32.4%

Average · 10 yrs 14.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.7	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2019	11.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	16.0	+4.3pp	Cons. · IFRS
FYE Mar 2021	13.8	−2.2pp	Cons. · IFRS
FYE Mar 2022	12.1	−1.7pp	Cons. · IFRS
FYE Mar 2023	9.2	−2.9pp	Cons. · IFRS
FYE Mar 2024	7.7	−1.5pp	Cons. · IFRS
FYE Mar 2025	26.3	+18.6pp	Cons. · IFRS
FYE Mar 2026	32.4	+6.0pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 9.6%

Average · 10 yrs 9.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	3.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.7	+6.4pp	Cons. · IFRS
FYE Mar 2021	11.8	+2.1pp	Cons. · IFRS
FYE Mar 2022	9.6	−2.2pp	Cons. · IFRS
FYE Mar 2023	11.4	+1.8pp	Cons. · IFRS
FYE Mar 2024	12.0	+0.6pp	Cons. · IFRS
FYE Mar 2025	12.5	+0.5pp	Cons. · IFRS
FYE Mar 2026	9.6	−3.0pp	Cons. · IFRS

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Mar 2026 4.6%

Average · 10 yrs 5.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.1	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	2.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.1	+3.1pp	Cons. · IFRS
FYE Mar 2021	6.2	+1.1pp	Cons. · IFRS
FYE Mar 2022	5.2	−1.0pp	Cons. · IFRS
FYE Mar 2023	6.3	+1.1pp	Cons. · IFRS
FYE Mar 2024	6.7	+0.3pp	Cons. · IFRS
FYE Mar 2025	6.5	−0.2pp	Cons. · IFRS
FYE Mar 2026	4.6	−1.9pp	Cons. · IFRS

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Mar 2026 0.80×

CAGR · 10 yrs −1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.92	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.78	−15.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.76	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.81	+6.5%	Cons. · IFRS
FYE Mar 2021	0.76	−6.2%	Cons. · IFRS
FYE Mar 2022	0.83	+9.3%	Cons. · IFRS
FYE Mar 2023	0.94	+13.3%	Cons. · IFRS
FYE Mar 2024	0.90	−4.5%	Cons. · IFRS
FYE Mar 2025	0.92	+1.5%	Cons. · IFRS
FYE Mar 2026	0.80	−12.2%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥80bn

CAGR · 10 yrs +10.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	33.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.9	+35.4%	Cons. · Japanese GAAP
FYE Mar 2019	41.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	57.5	+40.2%	Cons. · IFRS
FYE Mar 2021	72.7	+26.4%	Cons. · IFRS
FYE Mar 2022	52.9	−27.2%	Cons. · IFRS
FYE Mar 2023	64.8	+22.4%	Cons. · IFRS
FYE Mar 2024	94.1	+45.2%	Cons. · IFRS
FYE Mar 2025	57.1	−39.4%	Cons. · IFRS
FYE Mar 2026	80.4	+41.0%	Cons. · IFRS

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Mar 2026 -¥73bn

Average · 10 yrs -¥44bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-29.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-47.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-45.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-40.4	n/a	Cons. · IFRS
FYE Mar 2021	-26.5	n/a	Cons. · IFRS
FYE Mar 2022	-3.5	n/a	Cons. · IFRS
FYE Mar 2023	-32.1	n/a	Cons. · IFRS
FYE Mar 2024	-61.9	n/a	Cons. · IFRS
FYE Mar 2025	-76.7	n/a	Cons. · IFRS
FYE Mar 2026	-72.7	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 ¥11bn

Average · 10 yrs -¥16bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-26.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	13.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-10.1	−177.6%	Cons. · IFRS
FYE Mar 2021	-19.0	n/a	Cons. · IFRS
FYE Mar 2022	-44.4	n/a	Cons. · IFRS
FYE Mar 2023	-47.7	n/a	Cons. · IFRS
FYE Mar 2024	-26.3	n/a	Cons. · IFRS
FYE Mar 2025	-0.6	n/a	Cons. · IFRS
FYE Mar 2026	11.0	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥98bn

CAGR · 10 yrs +4.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	67.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.6	−26.6%	Cons. · Japanese GAAP
FYE Mar 2019	56.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	60.2	+6.8%	Cons. · IFRS
FYE Mar 2021	90.3	+50.1%	Cons. · IFRS
FYE Mar 2022	102	+13.0%	Cons. · IFRS
FYE Mar 2023	87.4	−14.3%	Cons. · IFRS
FYE Mar 2024	96.7	+10.6%	Cons. · IFRS
FYE Mar 2025	73.0	−24.4%	Cons. · IFRS
FYE Mar 2026	98.3	+34.6%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥7.8bn

CAGR · 10 yrs +9.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-2.9	−186.6%	Cons. · Japanese GAAP
FYE Mar 2019	-4.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.1	n/a	Cons. · IFRS
FYE Mar 2021	46.2	+169.8%	Cons. · IFRS
FYE Mar 2022	49.5	+7.1%	Cons. · IFRS
FYE Mar 2023	32.8	−33.8%	Cons. · IFRS
FYE Mar 2024	32.2	−1.7%	Cons. · IFRS
FYE Mar 2025	-19.7	−161.0%	Cons. · IFRS
FYE Mar 2026	7.8	n/a	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 10.2%

Average · 10 yrs 10.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.2	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2019	9.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	12.3	+3.2pp	Cons. · IFRS
FYE Mar 2021	14.4	+2.1pp	Cons. · IFRS
FYE Mar 2022	9.3	−5.1pp	Cons. · IFRS
FYE Mar 2023	9.7	+0.4pp	Cons. · IFRS
FYE Mar 2024	12.8	+3.2pp	Cons. · IFRS
FYE Mar 2025	7.3	−5.5pp	Cons. · IFRS
FYE Mar 2026	10.2	+2.9pp	Cons. · IFRS

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Mar 2026 -¥55bn

Average · 10 yrs ¥20bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	33.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.8	−13.5%	Cons. · Japanese GAAP
FYE Mar 2019	13.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.9	−14.5%	Cons. · IFRS
FYE Mar 2021	42.4	+255.9%	Cons. · IFRS
FYE Mar 2022	57.1	+34.8%	Cons. · IFRS
FYE Mar 2023	51.2	−10.4%	Cons. · IFRS
FYE Mar 2024	61.8	+20.8%	Cons. · IFRS
FYE Mar 2025	-42.5	−168.8%	Cons. · IFRS
FYE Mar 2026	-55.2	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥894bn

Change · 10 yrs +¥169bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	725	n/a
FYE Mar 2018	868	n/a
FYE Mar 2019	803	n/a
FYE Mar 2020	952	n/a
FYE Mar 2021	866	n/a
FYE Mar 2022	891	n/a
FYE Mar 2023	1,247	n/a
FYE Mar 2024	1,297	n/a
FYE Mar 2025	926	n/a
FYE Mar 2026	894	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 3,005¥

Change · 10 yrs −3,170¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	6,175	n/a
FYE Mar 2018	7,387	n/a
FYE Mar 2019	7,601	n/a
FYE Mar 2020	9,007	n/a
FYE Mar 2021	8,192	n/a
FYE Mar 2022	8,553	n/a
FYE Mar 2023	12,123	n/a
FYE Mar 2024	4,205	n/a
FYE Mar 2025	3,061	n/a
FYE Mar 2026	3,005	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 297,584,500shares

Change · 10 yrs +180,120,815 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	117,463,685	Parent
FYE Mar 2018	117,463,685	Parent
FYE Mar 2019	105,700,000	Parent
FYE Mar 2020	105,700,000	Parent
FYE Mar 2021	105,700,000	Parent
FYE Mar 2022	104,222,300	Parent
FYE Mar 2023	102,861,500	Parent
FYE Mar 2024	308,584,500	Parent
FYE Mar 2025	302,584,500	Parent
FYE Mar 2026	297,584,500	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Mar 2026 157.33¥

Change · 10 yrs −64.00¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	221.33	Cons.
FYE Mar 2018	279.81	Cons.
FYE Mar 2019	185.85	Cons.
FYE Mar 2020	93.82	Cons.
FYE Mar 2021	130.65	Cons.
FYE Mar 2022	114.50	Cons.
FYE Mar 2023	146.94	Cons.
FYE Mar 2024	178.16	Cons.
FYE Mar 2025	184.41	Cons.
FYE Mar 2026	157.33	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 1,594.57¥

Change · 10 yrs −1,322.79¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,917.36	Cons. · Japanese GAAP
FYE Mar 2018	3,136.49	Cons. · Japanese GAAP
FYE Mar 2019	3,429.38	Cons. · IFRS
FYE Mar 2020	2,856.44	Cons. · IFRS
FYE Mar 2021	3,279.06	Cons. · IFRS
FYE Mar 2022	3,557.11	Cons. · IFRS
FYE Mar 2023	3,819.75	Cons. · IFRS
FYE Mar 2024	1,462.68	Cons. · IFRS
FYE Mar 2025	1,451.35	Cons. · IFRS
FYE Mar 2026	1,594.57	Cons. · IFRS

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Mar 2026 19.10×

Average · 10 yrs 25.98×

Fiscal year	PER ×	Basis
FYE Mar 2017	27.90	Cons.
FYE Mar 2018	26.40	Cons.
FYE Mar 2019	40.90	Cons.
FYE Mar 2020	32.00	Cons.
FYE Mar 2021	20.90	Cons.
FYE Mar 2022	24.90	Cons.
FYE Mar 2023	27.50	Cons.
FYE Mar 2024	23.60	Cons.
FYE Mar 2025	16.60	Cons.
FYE Mar 2026	19.10	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 1.67×

Average · 10 yrs 2.31×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.14	Cons.
FYE Mar 2018	2.33	Cons.
FYE Mar 2019	2.42	Cons.
FYE Mar 2020	2.86	Cons.
FYE Mar 2021	2.22	Cons.
FYE Mar 2022	2.15	Cons.
FYE Mar 2023	2.85	Cons.
FYE Mar 2024	2.59	Cons.
FYE Mar 2025	1.89	Cons.
FYE Mar 2026	1.67	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Mar 2026 17,988people

Change · 10 yrs +6,278 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	11,710	n/a	Cons.
FYE Mar 2018	12,102	+3.3%	Cons.
FYE Mar 2019	12,539	+3.6%	Cons.
FYE Mar 2020	12,983	+3.5%	Cons.
FYE Mar 2021	14,467	+11.4%	Cons.
FYE Mar 2022	14,633	+1.1%	Cons.
FYE Mar 2023	15,227	+4.1%	Cons.
FYE Mar 2024	16,509	+8.4%	Cons.
FYE Mar 2025	17,512	+6.1%	Cons.
FYE Mar 2026	17,988	+2.7%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 980people

Change · 10 yrs +263 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	717	n/a	Parent
FYE Mar 2018	720	+0.4%	Parent
FYE Mar 2019	703	−2.4%	Parent
FYE Mar 2020	724	+3.0%	Parent
FYE Mar 2021	716	−1.1%	Parent
FYE Mar 2022	742	+3.6%	Parent
FYE Mar 2023	767	+3.4%	Parent
FYE Mar 2024	839	+9.4%	Parent
FYE Mar 2025	930	+10.8%	Parent
FYE Mar 2026	980	+5.4%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 ¥8.4m

Change · 8 yrs +¥0.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	7.9	n/a	Parent
FYE Mar 2020	7.9	−0.4%	Parent
FYE Mar 2021	8.0	+1.7%	Parent
FYE Mar 2022	7.8	−2.3%	Parent
FYE Mar 2023	7.9	+1.0%	Parent
FYE Mar 2024	7.7	−2.3%	Parent
FYE Mar 2025	8.8	+14.0%	Parent
FYE Mar 2026	8.4	−4.3%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 39.5years

Change · 8 yrs −0.6 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	40.1	n/a	Parent
FYE Mar 2020	40.0	−0.2%	Parent
FYE Mar 2021	40.4	+1.0%	Parent
FYE Mar 2022	40.3	−0.2%	Parent
FYE Mar 2023	40.5	+0.5%	Parent
FYE Mar 2024	40.0	−1.2%	Parent
FYE Mar 2025	39.6	−1.0%	Parent
FYE Mar 2026	39.5	−0.3%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 8.7years

Change · 8 yrs −3.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	11.8	n/a	Parent
FYE Mar 2020	11.7	−0.8%	Parent
FYE Mar 2021	11.8	+0.9%	Parent
FYE Mar 2022	11.4	−3.4%	Parent
FYE Mar 2023	11.2	−1.8%	Parent
FYE Mar 2024	10.2	−8.9%	Parent
FYE Mar 2025	9.3	−8.8%	Parent
FYE Mar 2026	8.7	−6.5%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 7,974people

Change · 10 yrs +2,887 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	5,087	n/a	n/a
FYE Mar 2018	5,420	+6.5%	n/a
FYE Mar 2019	5,303	−2.2%	n/a
FYE Mar 2020	5,636	+6.3%	n/a
FYE Mar 2021	6,658	+18.1%	n/a
FYE Mar 2022	6,778	+1.8%	n/a
FYE Mar 2023	7,034	+3.8%	n/a
FYE Mar 2024	7,398	+5.2%	n/a
FYE Mar 2025	7,318	−1.1%	n/a
FYE Mar 2026	7,974	+9.0%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥43.8m

Change · 10 yrs +¥1.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	42.3	n/a	Cons.
FYE Mar 2018	36.4	−13.9%	Cons.
FYE Mar 2019	36.0	n/a	Cons.
FYE Mar 2020	36.1	+0.4%	Cons.
FYE Mar 2021	35.0	−3.1%	Cons.
FYE Mar 2022	38.9	+11.3%	Cons.
FYE Mar 2023	44.0	+12.9%	Cons.
FYE Mar 2024	44.4	+1.0%	Cons.
FYE Mar 2025	44.3	−0.1%	Cons.
FYE Mar 2026	43.8	−1.2%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Mar 2026 ¥3.5m

Change · 10 yrs +¥1.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons.
FYE Mar 2018	2.9	+18.9%	Cons.
FYE Mar 2019	2.3	n/a	Cons.
FYE Mar 2020	3.2	+37.5%	Cons.
FYE Mar 2021	3.8	+20.8%	Cons.
FYE Mar 2022	3.2	−17.0%	Cons.
FYE Mar 2023	3.7	+14.7%	Cons.
FYE Mar 2024	4.4	+21.6%	Cons.
FYE Mar 2025	4.2	−4.4%	Cons.
FYE Mar 2026	3.5	−18.4%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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